Tradingkey – In capital markets, some rallies are driven by momentum, while others are built on the quiet return of conviction. Circle (CRCL)’s surge this week clearly belongs to the latter. Over five trading days, the company’s shares jumped about 30%, and since reporting earnings, cumulative gains have reached as much as 35%–60%. Against a backdrop of renewed optimism in cryptocurrencies, Circle is telling a story that stands apart from Bitcoin’s—one defined by cash flow, reserves, and fintech discipline.

The Quarter That Restored Confidence

The spark came from an earnings report that overturned months of skepticism. Many believed the stablecoin business had peaked—that growth in digital dollar tokens had run its course….